Victoria to invest another AU$20 million in energy storage initiatives

The funding, which adds to the AU$5 million already put forward, will support firms specialising in batteries, pumped hydro or solar thermal. Credit: Greensmith

The government of Victoria in Australia plans to invest AU$20 million (US$15.2 million) in large-scale energy storage initiatives across the state to reach 100MW by the end of 2018.

The funding, which adds to the AU$5 million already put forward, will support firms specialising in batteries, pumped hydro or solar thermal.

A government release claimed that supporting storage would help create jobs. Furthermore, energy storage, micro-grids and internet-enabled technologies, coupled with renewable energy sources, could also be used to manage energy demand, particularly in peak periods.

The Government is also setting up an Energy Taskforce of Cabinet to ensure the energy system remains as reliable as possible.

Premier Daniel Andrews and minister for energy and environment Lily D’Ambrosio made the announcement while touring Tesla’s Melbourne headquarters.

The announcement also came at the same time as the South Australia government announcing its own plans to provide AU$150 million partly to help set up a 100MW battery storage project in the state. Tesla chief Elon Musk had said just days earlier that his firm could solve South Australia’s grid troubles in 100 days with its own 100MW battery.

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VanadiumCorp is a mining and technology company with a vision to become the primary producer of vanadium and specialty metals. The Company growth strategy is focused on development of industry leading resources and process technology located in Canada.